DP World says its container handling business declined by 6 per cent in the third quarter but that global shipping has begun to level out after steep falls earlier in the year.
"We are beginning to see early signs of stability across the industry," said Mohammed Sharaf, the chief executive of DP World, the fourth-largest global ports operator.
This year will be remembered as "a truly horrific year" and the next two years are not looking "too bright" either, said Drewry Shipping Consultants, which is based in London.
Shipping lines may lose more than US$20 billion (Dh73.46bn) worldwide this year, Drewry said in a recent report.
DP World saw container volumes fall by 8 per cent across its global network in the first nine months of the year, it said.
"We are encouraged that trading in the third quarter of this year has seen volumes begin to stabilise after the significant declines of the first half," Mr Sharaf said. "Container volumes across our three reporting regions all reported more containers handled in the third quarter this year than in the second quarter."
He predicted continuing challenges in the fourth quarter, particularly in the UAE, which saw traffic declines of 5 per cent in the first nine months of the year.
DP World operates 50 terminals and has another 12 new developments across 32 countries worldwide. After putting most of its expansion plans on hold when the global recession set in, it is starting to grow again.
This month, DP World reportedly held discussions with banks to secure financing for the construction of the London Gateway port project, and also opened a container terminal outside of Ho Chi Minh City in Vietnam, its first to come on line since the economic downturn stalled global trade.
And last month it said it would team with Odebrecht, a Brazilian building firm, to buy a majority stake in a new Brazilian port terminal in the state of Sao Paulo.
@Email:igale@thenational.ae
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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